11-12-82 Finance Comm MinutesFINANCE COMMITTEE
Meeting 11/12/82
The Finance Committee met on November 12, 1982, at 4:00 P. M, in the Conference
Room of City Hall. Present were Chairman Nystul, Councilmen Ruiz and Saverud.
Finance Director Swanson reported that the rates of interest for the surplus
cash investments had been received.
The Variable Rates were: First Northwestern National Bank - 0.5% of Federal
Funds daily rate; First Interstate Bank - 0.5%; First Federal Savings $ Loan -
1%; Valley Bank - 1.91% and First Security Bank - 1.40%.
The Fixed Rates were: First Northwestern National Bank - 9,375%; First Inter-
state Bank - 9.25%; First Federal Savings & Loan - 7% and Valley Bank - 6.25%.
Last year at First Northwestern the rate was variable at -1% Federal Funds and
yielded about 11.75% average,
After discussion, the general feeling was to accept the highest fixed rate, due
to the uncertainty of the variable market. Final decision will be prior to the
Council meeting.
Finance Director Swanson is working on the indirect cost allocation.
In response to a request on garbage rates, a report was received from the City
Clerk. The committee noted that Director of Public Works Hafferman, who is
charged by ordinance with maintaining the rates, and Superintendent of Streets/
Shop Clements, whose employees do the collecting, were not consulted. The Chair-
man will send another memo to the Mayor requesting these key people be consulted.
Finance Director Swanson will write to other cities to obtain their rates and
policies.
Meeting adjourned at 5:00 P. M.
G y W. Nystul
Chairman
GWN/ms